by Rushali 
Cryptocurrency is slowly moving towards the mainstream world. The recent surge in popularity of this digital currency has bought many new investors into the market. The crypto market is a very lucrative place but it has its own share of the risk element. It is not a world where you will come and earn lots of money and then went back, it is a place that needs constant research, analysis, study then only you can earn money. People think that investing is a very easy task just select a cryptocurrency and invest in it and the price will increase sell it. But that doesn’t happen, in this way, you will not earn money you will lose money.
Not only crypto market any kind of investment market be it equity or commodity everywhere you need to do an in deep research and analysis then only you will be successful. As the quote says “There is no gain, without pain”. It rightly applies to the crypto market, you will gain here only when you can take the pain of researching, studying, and analyzing.
There are two types of people in the market one is the winners who earn in the market and another one is the losers who just lose their money. And the difference between these two kinds of people is the usage of crypto tools. The one who earns money knows which tool to use and when and the one who loses doesn’t know that this is the only difference between these two or rather I should say the difference between winning and losing.
Crypto tools are things that are used to research and analyze the crypto market. There are many tools that are used in studying the market. Experts say that crypto tools should be changed according to the changing market. A trader should experiment with different tools that fit their needs. There are many crypto tools available in the market.
This article will guide you through the best crypto tools in the market.
- Best exchange
This is the basic requirement for buying, selling, and trading cryptocurrencies. It is the first step in the cryptocurrency world. You need to select the best and reliable exchange to start your trading. There are so many cryptocurrency exchanges available in the market that people get confused. Three things that you need to check while choosing your exchange are as follows:
1. Security – Security is the mandatory thing that you will be needed in your exchange. There are many cases of hacking and online theft. So you need to select an exchange that is free from any kind of threats. If your exchange is not safe then your crypto assets and funds both are in danger. Your exchange should use encrypted tools and techniques.
2. Fees – Every crypto exchanges charge money in exchange for its services. You need to search for an exchange that charges the lowest among all. And the exchange should also disclose all kinds of charges they take like many exchanges charge some amount while withdrawing your fund from there.
3. Ease of using it – The exchange should be very smooth while working on it. You need to find an exchange that is totally glitch-free. Because in this market time matters a lot Like you have placed an order to buy a cryptocurrency and due to the slow speed of the exchange the order couldn’t be completed on time. So, make sure that your exchange is very easy to use.
- Charting tools
The next crypto tool is the charting tool. As the name suggests it is a tool to study the charts of different cryptocurrencies. Research is the first thing to do in the crypto market. And what better than reading charts for researching. As we all know charts are like a book that shows everything about cryptocurrency in a drawing form. Technical analysis is done with the help of charts only through which we can predict the future price movements.
Many charting tools not only show us the charts but on that, we can draw trend lines use different indicators to visualize the next move of the market. People who can read the charts and do technical analysis can predict the market and stay ahead of other people. And they only can be the winner or who earns money.
- Data
Today’s world works only on data and the whole blockchain is based on data only. Market data is another crypto tool that is useful in timing the market. But the main factor about data is that you need to have accurate and real-time data then only you will be able to read the market and plan your moves. You need to search for a site that will give the most genuine data and then you use it to calculate the average price and other things. The market works on a saying that History repeats itself and for knowing history you need data. By history means what has happened in the market before will happen again so buy reading that time data and seeing that when again the market is behaving the same way is how traders analyze the market.
- Network statistics
There are many articles in the market that gives you positive as well as negative news. So it is better to perform your own analysis for that you need network statistics. That’s why it is another important crypto tool. If you see lots of transactional activity on Bitcoin’s network that can be an indicator for future price movement. If you understand that how active Bitcoin’s network or any other cryptocurrency’s network is and what is a team’s development activity it will automatically give you an advantage over most traders.
- News
News is the most important thing in this world. Through news only you can be updated for every latest happening. And the crypto world is ever-evolving you can expect the latest happening at a lightning-fast pace. When it comes to cryptocurrency, there is always something new that awaits crypto traders. All this news must be covered thoroughly to use it for your betterment. That’s it is the most important crypto tool. But the issue is there are so many news websites and blogs that claim to be providing the latest news but you need to search website that posts authentic and genuine news. Rumors spread like a forest fire in the market so it is better to trust on reliable sites only.
- Research reports
I have already mentioned the importance of research in this industry, so no need to repeat that. But it is not easy to perform research. You need to have immense knowledge and experience in the market. Not only technically but you need to have fundamental knowledge as well. So, the research report is a lengthy document that gives you all the details like fundamental analysis, technical analysis, and other things as well. And it also has opinions on past, current and future prices. There are sites where you will find research reports that are very important crypto tools.
- Tax tools
The tax calculator is also an important crypto tool. Tax season is a headache for everyone and if you are a crypto trader then it is even more. There are many Crypto tax tools that will help you organize your trades and even tell you how much you owe on taxes in an automatic way. No matter in which occupation you are in you need to calculate your tac and these tools help you a lot in this matter. Specially made for calculating crypto taxes this software is a blessing in the lives of crypto traders.
- Portfolio tracker
This is one of the most used cryptocurrency tools. As the name suggests it will help you in keeping track of your portfolio. At a signal place, you can check the total value of your investments, the 24-hour change in the value of your portfolio, and also the performance of any individual coins that are there in your portfolio. And if you think one particular coin is decreasing the value of your portfolio, then you can decide what to do with that. You don’t need to open every signal coin and calculate the price changes these crypto tools do it for you.
Also read : DYOR
These were some crypto tools that you can use and have an edge over other traders. As I said earlier that it is very important for you to have your own way of researching cryptocurrencies then only you can be successful in this market. For research use these tools and search for authentic sites that provide these tools.
